Moody's rates Abu Dhabi National Energy Company's bonds (P)Aa3
- United Arab Emirates: Wednesday, October 18 - 2006 at 08:00
- PRESS RELEASE
Moody's Investors Service has assigned a rating of (P)Aa3 to the proposed US Dollar and Euro bonds to be issued by Abu Dhabi National Energy Company (TAQA).
Moody's last rating action on TAQA was on 10 October 2006, when the rating agency assigned for the first time long term foreign and local currency ratings of Aa3 to the company.
The (P)Aa3 rating reflects the fact that the bonds are unsecured and unsubordinated obligations of TAQA and will rank pari passu with all present and future unsecured obligations of the company. The bonds will include certain standard covenants, including a negative pledge and change of control clause. TAQA's ratings reflect the application of Moody's rating methodology for government-related issuers (GRIs).
Based in Abu Dhabi (UAE), the Abu Dhabi National Energy Company ("TAQA") was established in 2005 as the government-controlled entity tasked with holding the majority of the state's power generation and water desalination plants. In addition to its current role, the government intends for TAQA to serve as the primary conduit for Abu Dhabi's strategic investments in the global energy sector and to gradually evolve into a leading international energy company. The company is 75.1% indirectly owned by the government of Abu Dhabi through the state-owned Abu Dhabi Water and Electricity Authority, which holds 51%, and the state-owned Farmers' Fund, which holds 24.1%. The remainder of TAQA's equity is floated on the local stock exchange, with ownership limited to UAE citizens.
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